The Weekend Trader – A Public Thank You

Today, I take advantage of YouTube’s increased 15 minute video allotment at the end of the post to discuss key perspectives and take-aways on the current training effort – including adding to winners in a tight market – as well as some trading platform enhancement planning at this end.

Here’s the link to the 2009 beta effort take-away post I referenced in the post.

I also share my thoughts on trading education in general in the context of a recent email exchange with one initially critical onlooker, acknowledging that even the best intended individuals and efforts will always be subject to scrutiny given the high level of skepticsm in this industry, and that such efforts will never be perfect.

Yet I truly wonder where this industry would be if we didn’t have names like Raschke, Steenbarger, Douglas, Connors, Dayne, Nison, Cashin, and others who have passed the test of time and have done so much over the years. 

And if I haven’t said this before, let me say it now to both those named above as well as those unnamed.

Thank you.

For you have spent countless hours – both “behind-the-scenes” charitable that no one will ever know about and rightfully compensated for more formal efforts - and at great personal risk trying to provide fertile ground for traders to increase their chances of success in a survival-of-the-fittest industry where there’s typically more desert sand than oasis.

As I’ve said before, experience will likely always remain the best teacher.  Yet my guess is that absent the above list, there would be far more traders aimlessly wandering the desert, not to mention fewer Bamboo trees.

In responding to this onlooker, here’s an excerpt of my best attempt at trying to put my thoughts into words:

I appreciate the heartfelt and thoughtful response.  Ultimately, I suppose the true intentions in our heart are only known by oneself and one’s God, and the rest is always subject to human perception

I actually applaud your industry skepticism which I too have publicly shared for 12 years, and by being a highly public figure, have to accept criticism and the fact that some will lump me in with others like the baseball steroids era.

With respect to returning to providing formal education among other efforts, one ongoing key factor is that the industry continues to sorely lack it — that much is clear — and so the perpetual question is “who” provides it.  Most of the options seem to be non-trading salesmen, washed up traders or those who weren’t able to adapt to current markets, non-trading educators, and bonafide traders who are willing to occasionally carve out some time – usually at a net loss despite participant tuition — to give back to an industry that has treated them well in an effort to “pay it forward”.

Striking a balance between making people “aware” of something good vs. excessively marketing it is always a fine line, and has admittedly been a difficult balance both in the 90s/early 00s when I taught and again over the last two years.

Perhaps ironically, I actually wish more traders would find time to step back and do this sort of thing over an intensive multi-week period of full immersion – despite the risk of being judged by those not involved in the effort – as I think they’d find it personally rewarding.  The problem is that most either won’t (again it’s a net loss over the training period as focus and trading sizes are reduced) or can’t (they’d be discovered as a fraud within ten minutes of a four-week effort).  And while the time is physically and mentally exhausting, it’s actually a bit exhilarating.

Yet I understand and respect your perspective, especially in an era where there’s more than good reason for skepticism.

At this end, I’ve chosen to take the risk of being judged by some … yet know based on the overwhelming feedback that we’re on the right track as we try to make some kind of a difference.

Again, all my best and thanks for the healthy dialogue.

In two weeks, it will be back to focusing on fund management.

Yet in the meantime, much work remains.

Have a relaxing and peaceful weekend.